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Spike in phishing attacks-Is India prepared to cope with
bHive
Volume 07 ** June 2020 ** Issue 06
Limiting face-to-face contact with others is the best way to reduce the spread of
coronavirus disease 2019 (COVID-19). Keeping space between you and others is one of
the best tools for this
04 # Cyber War
#Contents
07 # Income Tax Investments
10 #Case Study Hive
12 # GST Amendments
13 # By2Coffee
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The tensions between India and China are escalating by the day over the border dispute
between the two nations in the Ladakh region. However, a series of no-arms combat
peace treaties signed in 1993, 1996 and 2005 for maintaining peace across the region
seems to prohibit the two from entering the stage of armed combat. But this does not
mean it is the only attack surface where the two can lock horns.
According to a top police official of the cyber cell, China has reportedly exploited the
cyberspace to wage cyber warfare against India. Their state-backed threat actors have
attempted over 40,300 cyberattacks on India’s Information Technology infrastructure and
banking sector in the last five days. Though the hacking attempts have been unsuccessful
so far in doing any concrete damage, their activities are unprecedented.
Cyber threat intelligence firm, Cyfirma has noted that, the escalation in
tensions at the India-China border, cyberattacks have increased by 200% in
June, compared to May.
While conventional weapons are only allowed to be deployed by a
country's military, in the realm of cyberwarfare, governments may deny their
association with hacker outfits.
With very little hope of immediate de-escalation of the tension across the border, it is
suggested that the Indian internet users need to pay attention to such threats and
attacks, and create robust firewalls, along with regular cybersecurity audits at set
intervals.
04
Ban on China App’s
The government has increased a nationwide alert and stepped up monitoring as
intelligence agencies prepare for intensified cybersecurity attacks from China.
On 30th June 2020, the Indian government banned 59 Chinese apps, including the popular
TikTok, citing threats to national security. Prior to that, it had warned of increased cyber
security threats. The government also cited complaints about data on Indian users being
transferred abroad without authorisation.
Cybersecurity experts said India’s ban on 59 Chinese apps was only the start and there
will be greater scrutiny of companies, device makers and apps with exposure to China,
which can trigger retaliatory attacks. Amongst all the sectors, power, telecom and
financial services are being monitored even more closely, given their exposure to Chinese
infrastructure.
Cybersecurity experts said the government will expand monitoring and focus on
companies that are funded by Chinese investors, although the degree of surveillance may
vary.
The statement from the Ministry of Electronics and IT MeitY said it had received
complaints from various sources, including several reports about the misuse of some
mobile apps for stealing and surreptitiously transmitting users’ data in an unauthorised
manner to servers outside India.
05
Alternatives to 59 Chinese apps in India
Banned App’s Alternate App’s
TikTok, Helo, Big Libe, Vigo Video,
Mitron, Bolo Indya, Roposo, Dubsmash
Vmate, U Video and Kwai
Baidu Translate Google Translate,*Hi Translate
We Meet, We Chat Facebook, Whatsapp, Instagram
Hago Play Houseparty
Files Go, Send Anywhere, Google Drive,
Shareit, Xender, ES File Explorer
Dropbox
Share It Share All, Jio Switch, Smart share
UC Browser, DC Browser, CM Browser, Google Chrome, Mozilla Firefox,
APUS Browser Microsoft Edge, Opera, Jio Borwser
Fortnite Battle Royale, Legends of
Mobile Legends
Legends, PUBG
Baidu map Google Maps, Apple Maps
Shein, Club Factory, ROMW Myntra, Flipkart, Amazon, LimeRoad
Adobe Scan, Microsoft Office Lens,
Camscanner
Photo Scan, TapScanner
YouCam makeup, SelfieCity, Meitu B612 Beauty, Filter Camera
DU battery saver Battery Saver, Charge Optimizer
No Apps
You don’t require an alternative app for
Clean Master, Cheetah Mobile, Virus
cleaning “virus” from your mobile phone.
Cleaner
Uninstall all such apps if you have on
your smartphone right away.
Newsdog, UC News, QQ Newsfeed Google News, Apple News, Inshorts
06
Tax Saving Investment u/s 80C
What?
Section 80C of the
Income Tax Act of India
is a clause that points to
various expenditures and
investments that are
exempted from Income
Tax. It allows for a
maximum deduction of up
to Rs.1.5 lakh every year
from an investor’s total
taxable income.
Section 80C is applicable
only for individual
taxpayers and Hindu
Undivided Families. Corporate bodies, partnership firms, and other businesses are not qualified
to avail tax exemptions under Section 80C.
Investments eligible for deduction under Section 80C
Type Particulars
o Available for policies held by self, spouse, dependent children, etc. HUF
Life
members can also benefit from the same exemptions.
insurance
o Currently, an annual premium of up to 10% (of the insurance policy’s total sum
premiums
assured) is tax exempted under this scheme.
o Any voluntary contribution made by the employee towards the Public provided
PPF
fund is also eligible for tax deduction under Section 80C of the Income Tax.
NABARD o Rural Bonds offered by NABARD are eligible for tax exemption under the
Rural Bonds Income Tax Act of India.
o Unit Linked Insurance Plans offer more returns in the long term when
ULIP’s compared to conventional insurance policies. They have become especially
popular in recent years thanks to the tax benefits offered under Section 80C.
o NSC or National Savings Certificate is one of the most popular tax-saving
instruments for risk-avert individuals. Interest earned on NSC is compounded
National
semi-annually, and the maximum maturity period ranges from 5 to 10 years.
Savings
o Investors do not have to follow any limitation on the total sum invested
Certificate
towards NSC in a financial year; however, only a maximum of Rs.1.5 lakh will
be subject to exemption every financial year under Section 80C.
o Tax Saving FDs are fixed deposit schemes offered by both banks and post
offices that allow tax deduction under Section 80C. These FDs have a lock-in
Tax Saving
period of 5 years and offer a maximum of Rs.1.5 lakh tax exemption on the
FD
principal amount). However, the returns of such
instruments are liable for taxation. 07
Type Particulars
o The return earned from Employee Provident Fund (EPF), including the
interest, is eligible for tax exemption under Section 80C of the Income Tax
Act, 1961.
EPF
o The amount of Employees' monthly contribution to the Provident Fund is
eligible for deduction. If the employee draws such investments within a
period of 5years of his service, then the withdrawn amount shall be taxable.
o Section 80C of the Income Tax Act allows tax exemptions on infrastructure
Infrastructure bonds, provided the investment is equal to or higher than Rs.20,000. The
Bonds limit of Rs.1.5 lakh stays applicable for these long-term secured bonds as
well.
o Equity Linked Saving Schemes, or ELSS, falls under Section 80C’s exemption
ELSS category for up to its maximum limit Rs.1.5 lakh. These investment schemes
come with a mandatory 3-year lock-in period.
o Any investments made towards Senior Citizens Saving Scheme, is eligible for
Senior Citizen tax exemption up to the maximum allocated 80C limit, i.e. Rs. 1.5 lakh.
Savings o Individuals above the age of 60 (people opting for voluntary retirement
Scheme scheme is eligible to participate in SCSS after the age of 55 years) are
eligible to get benefit, which has minimum lock-in tenure of 5 years.
o Only the repayments made towards the principal component of home loan
EMIs are eligible for deduction under Section 80C. However, the borrower
Principal must fulfil certain clauses to avail of this benefit; these are –
repayment • Exemptions to be claimed if construction is completed.
made towards • Transference of the property within 5 years of possession will exclude it
home loan from the tax exemptions provided under Section 80C.
• Any amount claimed as a tax deduction should be taxable in the transfer
year if a handover is made after 5 years of the property’s possession.
o Stamp duty and registration charges can be considered as the two largest
Stamp duty expenses made towards taking ownership of a property. The GOI allows a
and deduction of tax liability till the 80C limit on the stamp duty and registration
registration charges paid towards house procurement.
charges o However, exemptions can only be claimed in the year that these duties are
paid; otherwise it will not be eligible for consideration under Section 80C.
o Sukanya Samriddhi Yojana is a saving scheme specially designed to meet the
financial requirements for a girl’s education and marriage. Parents or legal
Sukanya
guardians of a girl child (not older than 10 years of age) can open this
Samriddhi
account and parents of 2 or more (only in case of twins) girls can also invest
Yojana
in this plan. The interest earned from this investment scheme is eligible for
tax exemption under Section 80C.
08
Investments and associated risks
Investment Min Lock-in Associated
Interest Associated Risk
Options Period Return
12% to 15%
ELSS depending on market 3 years No High
fluctuation
Till the investor
NPS 8% to 10% No High
reaches 60 years
SCSS 8.60% 5 years Yes Low
PPF 7.90% 15 years Yes Low
NSC 7.9% 5 years Yes Low
8% to 10%
ULIP depending on market 5 years No Moderate
fluctuation
Fixed deposit Up to 8.40% 5 years Yes Low
Sukanya
8.50% 8 years Yes Low
Samriddhi Yojana
Frequently Asked Questions
❑ Are taxpayers allowed to claim 80C deductions while filing Income Tax return?
Claim for 80C deduction is allowed while filing income return before the end of that
Assessment Year.
❑ Which year will the investments reflect in the Income Tax return?
Assume a taxpayer made investments in accordance with Section 80C guidelines on 30th
April 2019. Then, he or she will be able to claim tax exemption on such investments in
the F.Y.2019-20.
❑ Can someone claim an 80C deduction on the life insurance premium paid to private insurance
aggregator?
Yes, deduction under Section 80C is available for life insurance premiums paid to any
insurance aggregator recognised by IRDAI (Insurance Regulatory and Development
Authority of India). It is applicable for both public and private sector companies.
❑ Are donations eligible for tax exemptions under Section 80C?
Donations are not covered under 80C, they are governed under Section 80G..
❑ Can taxpayers invest in more than one investment policy and claim Rs.1.5 lakh exemption for
each investment?
No, taxpayers are allowed a maximum tax exemption of up to Rs.1,50,000 considering all
investments made towards tax-saving instruments under Section 80C.
SECTION 80C FEATURES MULTIPLE INSTRUMENTS, A COMPREHENSIVE IDEA OF WHICH
SHOULD BE PRESENT WITH EVERY INVESTOR. THE BENEFITS OFFERED BY THIS ACT CAN
HELP SAVE A SUBSTANTIAL AMOUNT FROM ONE’S TAX LIABILITY. 09
Case study Hive
Mohammadanif Sultanali Pradhan lv. DCIT [Ahem Trib]
Where assessee claimed exemption under section 54F by making
investment of long-term capital gain in two bungalows located adjacent
to each other and used as one residential unit, assessee could not have
been denied exemption on reasoning that there were two different
registries of buildings/properties as both properties purchased by
assessee were a single property located in same geographical area.
PCIT v. Zee Entertainment Enterprises Ltd. [SC]
SLP dismissed as withdrawn due to low tax effect against High Court ruling that tax is
not to be deducted under section 194H on reimbursement of commission expenses,
which was paid by another company on behalf of assessee
Peerless Hospitex Hospital & Research Centre Ltd. v. DCIT [Kol Trib]
Where assessee-company, a hospital, paid referral fee to doctors for referring their
patients to assessee's hospital, since Regulations of Indian Medical Council was not
applicable to pharmaceutical company or allied health sector industries as that of
assessee, assessee would be entitled to deduction under section 37(1)
New Kalpana Ent Udyog v. ITO [Agra Trib]
ITAT held that the coal agents deliver the coal at night because of heavy vehicles
cannot ply during the daytime. The assessee was obliged to do the cash payments as
per the business practice in that area. The payments were made after the banking
hours and that too at a village where there were no banking facilities. Thus, the
additions made under section 40A(2) in respect of the payment made to coal agents
were not justified.
PCIT v. Reliance Ports and Terminals Ltd. [Bom HC]
Disallowance under section 14A cannot be made more than exempt
income itself
Md. Hussain Habib Pathan v. ACIT [Mum Trib]
Receipt of rent from children won’t change let-out property to
self-occupied for Sec. 24(b) deduction
Fiitjee Ltd. lv. PCIT [Del HC]
Depreciation on software was disallowed where assessee could
10 not prove purchase of software as genuine transactionPeerless Hospitex Hospital & Research Centre Ltd. v. DCIT [Kol Trib]
Restriction contained in section 72 on carrying forward of unabsorbed business losses
for more than 8 years does not apply while computing adjusted book profits under
section 115JB
CIT v. Chola Spinning Mills(P.)Ltd. [Mad HC]
As per CBDT Circular No. 1/2016, dated 15-2-2016, term 'initial assessment year' in
section 80-IA(5) would mean first year opted by assessee for claiming deduction under
section 80-IA out of applicable slab and not first year of commencement/operation of
eligible business
Tata Communications Ltd. v. DCIT [Bom HC]
AO isn't authorised to issue scrutiny notice without processing return so as to
withhold Income-tax refund
Updates
❖ Notification No. 35/2020, dated 24-06-2020
The Central Board of Direct Taxes (CBDT) has extended the various due dates, which
were previously extended, to June 30, 2020 by the Taxation and Other Laws (Relaxation of
Certain Provisions) Ordinance, 2020.
A few silent features of the notification are as under:
❑ Due date for furnishing revised/belated ITR for Assessment Year 2019-20 extended to
July 31, 2020. Further, due date for furnishing ITR for Assessment Year 2020-21 has
been extended to November 30, 2020 (for all categories of assesseese.
❑ Though the due date for filing of ITR for the Assessment Year 2020-21 has been
extended to November 30, 2020 but there would be no relief in interest chargeable
under section 234A if the tax liability exceeds Rs. 1 lakh.
❑ The date for making various investment/ payment for claiming deduction under Chapter-
VIA-B which includes section 80C (LIC, PPF, NSC etc.), section 80D, section 80G, etc.
has also been extended to July 31, 2020.
❑ The date for passing of order or issuance of notice by the authorities and various
compliances under various Direct Taxes & Benami Law which are required to be
passed/ issued/ made by 31-12-2020 has been extended to 31-03-2021.
11Central Government has issued few notifications and one circular under GST on June
24, 2020. Some notifications give effect to the decisions taken by GST Council in its
40th Meeting held on June 12, 2020 giving relief on levy of interest and late fee for
small taxpayers. Following are the key takeaways of Notifications & Circular issued on
June 24, 2020:
❑ Revised Due dates for filing GSTR-3B: ❑ Relaxation for levy of late fee for GSTR-3B
Notification 51/2020 & 52/2020 for period July, 2017 to January, 2020
Notification 52/2020
Turnover (preceding FY)
(1) (2) Failure Actual Filing Tax Late
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